Selected Performance Indicators
■ Total assets in federally insured credit unions rose by $93 billion, or 4.4 percent, over the year ending in the first quarter of 2023, to $2.21 trillion.
✅ SECU declined by - 4.5%... below "industry standards" by - 9.9%!
■ Total loans outstanding increased $229 billion, or 17.6 percent, over the year, to $1.53 trillion. The average outstanding loan balance in the first quarter of 2023 was $17,310, up $963, or 5.9 percent, from one year earlier.
✅ SECU increased by 17% over the year also. SECU lending growth matched "industry standards", while rejecting discriminatory risk-based lending (which just started up in March, 2023).
■ The delinquency rate at federally insured credit unions was 53 basis points in the first quarter of 2023, up 10 basis points from one year earlier. The net charge-off ratio was 52 basis points, up 24 basis points compared with the first quarter of 2022.
✅ SECU delinquency rate was .97%... almost double "industry standards".
■ Insured shares and deposits rose $39 billion, or 2.3 percent, over the year ending in the first quarter of 2023, to $1.73 trillion
✅ SECU total deposits declined by - 5.7%... below "industry standards" by - 8.0%!
To quote "this Board":
"Our report card is defined by how well we continue to
serve our members as times change, not by how we served our members in
times past." [ "This" is not an "A-paper" score ...by anyone's standards]
... not exactly up to "industry standards", is it? Maybe focus on shooting par, rather than "par-ty"?
** You can find the entire news release here. [link to NCUA news release]
